Signify, formerly Philips Lighting, is overhauling its business strategy under the leadership of new CEO As Tempelman. He took office nine weeks ago and believes the company needs to perform better in a challenging market. "We have seen too little growth in recent years, and results have been mixed," Tempelman said while commenting on the recent quarterly figures.
© Signify
Signify manufactures consumer lighting under the Philips brand, smart lighting such as Hue, and 3D-printed lamps for retail stores, among other products. It also supplies lighting for the business market, including street and office lighting, as well as solutions for the horticultural sector.
In recent years, the company has closed numerous factories producing conventional lighting. Where there were once more than 30, only three remain. Another reorganisation was announced recently, including at the Turnhout plant. According to Tempelman, cost control remains necessary to strengthen profit and cash flow.
Although the CEO indicated that Signify is working towards a sharper strategic focus, he did not yet specify any concrete decisions. The company is also reviewing in how many countries it wants to remain active; currently, it operates in more than 70. More clarity on the direction for the coming years is expected next year during a Capital Markets Day.
Tempelman emphasised that Signify has strong innovation capabilities and committed employees, and that the company aims to further digitise its operations and accelerate the application of artificial intelligence.
Source: ED
